5 August 2011 by

And so now for a little light relief……

As all landlords and tenants will know, business rates are payable not only for occupied properties but also for empty or vacant properties (subject to exceptions).The person liable to pay rates on an empty property is the “property owner”. This includes a tenant who has vacated but is unable to surrender a lease or find an assignee.

In these somewhat difficult times, many property owners are struggling to rent out or assign a lease of their properties. This difficulty has been exacerbated by the liability to pay rates on empty properties. Property owners, therefore, need to be aware of the possible ways in which they can reduce their liability for rates.

Short term lets, delay in completion of a new property, works undertaken after a property is completed, inability to occupy, demolition, constructive vandalism are just a few of the perfectly legitimate ways to eliminate or reduce a potential liability.

On a positive note, small business relief (initially introduced for one year from 1 October 2010 to 30 September 2011) has been extended to 30th December 2012. This provides 100% relief for eligible businesses occupying premises with a rateable value of not more than £6,000. There is a tapered relief from 100% to zero for properties with a rateable value between £6,001 and £12,000.

If you would like to discuss the above and consider the possible options, please call us on 0207 288 4700 or email us at info@boltburdon.co.uk

14 June 2011 by

Insurable Interests

Following on from my previous blog regarding the risk in the property passing to the buyer on exchange, the question arose (thanks to one inquisitive reader) whether when the risk in the property passes to the buyer on exchange, does the buyer then have an insurable interest in the property from exchange and therefore have the ability to be able to insure the property?

11 July 2011 by

Charitable Trusts Change of Trustees

A trust can last a long time, often at least five or six generations. Charitable trusts are not subject to rules against existing in perpetuity and may last significantly longer. Throughout the lifetime of a trust therefore there will almost certainly be changes in the makeup of the trustees as existing ones retire and new ones are appointed.

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